I'm flattered, of course, to be considered for running such a great company as Intel. But I'm happy in my role at VMware and hope to be doing it for many years to come.

Intel is expected to hire a CEO from within, but Gelsinger was considered in the running because he was a 30-year Intel veteran. He joined EMC in 2009 and was the No. 2 guy there until he took the VMware CEO job last summer.

The next Intel CEO is most likely COO Brian Krzanich or Stacy Smith, Intel's CFO and top strategy exec.

A woman is in the running, too, but she's more of a longshot: Renee James, executive vice president of Intel's software and services group.

Both Smith and James were promoted in November, at the same time Otellini announced his retirement. The implication was that they are being groomed as CEO candidates.